One of the biggest challenges for marketers today is figuring out how to engage their consumers. Getting them to finally make a purchase can be tricky, and a lot of online retailers are facing the problem of abandoned carts and user who wander away from the site before clicking the “proceed to checkout” button.
Shopping cart abandonment statistics show us that the problem is present across all industries, and businesses are looking for ways to reduce abandonment rates and get more conversions from their users. Fortunately, the gathered stats can give us a clue about where the problem lies and help us improve the rate of our sales.
Do you want to learn more about cart abandonment and what you can do to prevent it? Then take a look at some of the most important stats to learn how to get more conversions.
If you thought your business was the only one facing really high abandonment, the actual percentage clearly shows that is not the case. The average is very high across all industries, and marketers have been struggling to lower it for years. Businesses need to invest more time to understand their average consumer, and new strategies should be implemented to provide better user experience.
While the reports keep fluctuating from year to year, cart abandonment rate does seem to be declining slowly. Even though we’ve become much more aware of what is influencing consumers’ decisions and what their whole shopping process exactly looks like, more research is needed to come up with truly effective techniques that can be used by businesses regardless of the industry. Once more companies have learned about this information, the rates should drop even further.
According to the Forrester research of shopping cart abandonment, brands can lose up to $18 billion a year in revenue, which means that the average shopping cart abandonment rate is costing retailers quite a lot of money. Of course, not all of these sales could have been recovered, but this does point us to the problem of merchant oversight, and it’s not that the businesses are doing poorly – it’s that they could be doing a lot better.
Cart abandonment is one of the biggest reasons websites with shopping carts might have a low conversion rate. In addition to improving your website’s graphics and performance, you should also consider polishing your checkout page.
This seems to be the time when abandonment is at its peak, although it’s unclear why. A lot of people shop in the evening when they come back from work, but it’s possible that they prefer to postpone the final decision for tomorrow morning, probably because they prefer to “sleep on it,” especially when making a big purchase.
Saturday and Sunday have a very high shopping cart abandonment rate. While people have more free time to shop during the weekend, it’s possible that most of them prefer to go out and do it personally instead of online. Interestingly enough, Wednesday and Thursday seem to be the best days for online shopping.
It would appear that a lot of consumers use their shopping cart online merely for browsing purposes. They spend time looking around to see what the site has to offer or comparing the prices with other retailers.
Asian and Pacific countries seem to have the highest abandonment rate in the world, with Japan taking the top spot.
Middle Eastern countries don’t lag far behind, and it would seem that the retailers have a very hard time making customer conversions in online stores.
Latin America comes third on the list, and small businesses are particularly vulnerable. Companies should try modifying their landing page and online shopping basket to make them more appealing and easier to use.
Compared to global metrics, America seems to be doing slightly better than the average when it comes to their online shopping statistics. The strong consumerist tendencies of the US customers are certainly a big contributor, and apparently, the northern states are doing even better than the rest.
It looks like Europeans really know how to avoid shopping cart abandonment. Their eCommerce is thriving and the abandonment rate is the lowest in the world, which is why a lot of web design companies are basing their strategies on European models.
Mobile phones have the worst abandonment rate of all devices, and it would seem that the smaller the screen, the less likely is for someone to make a purchase. However, this isn’t because cellphone users are pickier than the others – mobile shopping statistics are low because a lot of companies still don’t optimize their sites for handheld devices. Unless your website is easy to use for someone with a phone, they’re likely to grow frustrated and give up from the purchase.
Tablet statistics are slightly better because the device is larger and therefore able to provide the users with better quality of close-up pictures. The information is easier to access, so people are more likely to make a purchase.
This statistic shows us once more that a mobile shopping cart might not be nearly as effective as a desktop’s. Our home computers are usually faster, larger, and more convenient for online browsing, so it’s very important to adjust your website design for different kinds of devices.
Finance has the worst abandonment rates by far. Marketers have a hard time making conversions because they have high-risk, complex products in comparison with other sectors. Buying a pair of jeans, for example, takes only a few easy steps and doesn’t require any greater commitment. Buying insurance, on the other hand, is more serious.
The shopping cart abandonment index shows us that charity organizations are also having troubles. Similarly to finance, more commitment is required and people are more cautious about making a donation. Including your contact information and personal stories from the people who have benefited from your organization is a good way to increase your customers’ trust and show them how their money could be helping others.
Booking a holiday is expensive and a lot of people like to browse and compare prices for a long time. While the abandonment rate is high in this sector, bear in mind that a lot of customers simply need time to consider the purchase and that they might return later.
The retail sector seems to be doing much better than the non-profit and finance ones, though the numbers are still not low enough. Given that it’s often easier to fill up shopping carts online if you are selling cheaper, low-investment products, it’s no wonder this sector has superior stats.
As we’ve mentioned before, buying pieces of clothing usually requires only a few steps and people don’t consider it to be risky. A customer doesn’t usually need as much convincing to click on the “add to basket” button and treat themselves to a new t-shirt.
Ecommerce cart abandonment in the gaming sector is the lowest one of all. Most gamers tend to look at reviews online, and by the time they come to the store, they’ve already made a decision to purchase. There is another reason gaming is doing so well – there are no shipping costs and processing times; plus, the copy of the product is digital, so they can use it as soon as they buy it.
Customers prefer stores which are upfront about how much things cost. Research shows us that high shipping costs are a problem and that they stand as one of the biggest cart abandonment reasons, especially if you don’t display them prominently. Taxes and other unexpected costs are also something that can easily turn a potential customer away because it makes you come off as dishonest.
A lot of customers aren’t ready to commit to registering on your site, and if you keep prompting them to do so, it will only make them feel forced. If you want more transactions, consider making the sign-up form completely optional – if the customers enjoy your product, they’ll want to sign up on their own.
A simple, straightforward checkout process is one of the best ways to minimize shopping cart abandonment. If a customer needs to go through a big hassle to get what they need, they’re likely to get frustrated and give up.
Technology today is fast, so if people have to wait around for your site to load, they’ll assume you’re unable to give them good service. Not only can the abandonment rate increase, but loyalty can also drop by 50%, so make sure your site’s speed is up to date if you want more conversions.
When money transfer is in any way involved, people will want to know they can trust your site. If you want to prevent shopping cart abandonment, then update your site and make sure it has a security badge that can display your trustworthiness.
If you take a look at sites like Amazon, you’ll see that they have very good shipping policies that make people feel safer, leading to a higher likelihood of making a purchase. When you put something in your Amazon shopping cart, you know you can rely on them to allow you to make a return if the product doesn’t turn out to be what you expected. That is why including a hassle-free, easy return policy is definitely a good shopping cart abandonment strategy.
Sometimes, shoppers abandon a cart before they reach the “purchase complete” mark simply because an item or the total of all items is too costly for them. This is especially true if they are unsure whether the quality is worth the price.
Similarly to an overly complicated checkout, people don’t want to spend a lot of time filling out pointless form questions. Form abandonment statistics show us that having to answer too many questions feels too intrusive to the users and they tend to bounce from the site pretty quickly if you put them through an unnecessary hassle.
Reducing the number of fields will help you drop the bounce rate from your site. The checkout is the most crucial part of the whole process, and one of the most important cart abandonment solutions suggests that you make sure the customer has an easy and pleasant time going through it.
Customers usually want to get their product as fast as possible and the idea that they might have to wait around for too long tends to dull their enthusiasm quite a bit. Anything longer than a few days is usually too long, which is why including an express shipping option at the checkout can be an abandoned cart saver, especially if you offer quality service. Try making a deal with a reliable shipping company so you could reduce the shipping times – your customers will certainly appreciate it.
People tend to at least glance at the emails they get, even if most of them are commercial. As long as you design an eye-catching template with a bold CTA button, sending cart abandonment emails is a great way to improve your recovery percentage. Reminding the customer that they have items left in their cart can tempt them back to your site, especially if the only reason they haven’t made the purchase yet is because they got distracted by something else.
Simply sending a reminder email is already a good idea, but polishing the design of it can help even further. A/B testing software is one of the most useful shopping cart abandonment tools for testing different design options, so use it to optimize your emails.
As you can see, emails can be quite effective. How successful they are depends on their design and the time you send them. For example, sending them an hour after the customer has left the site seems to be the most effective because the idea of the purchase is still fresh in their mind. However, sending them sooner than that can come off as intrusive, so time the emails right.
These statistics reflect the global state of cart abandonment and how it influences the market, but some still might be asking the question – how is abandoned cart rate calculated? Well, you can use a simple equation to figure out your own average. Divide the number of total completed purchases with the number of carts created, subtract this from 1, and then multiply by 100 to get the percentage you need. This way you’ll have a clear picture of how your business is doing.
eCommerce cart retention is a big challenge for all industries. Fortunately, knowing the right information can help marketers make steps to reduce abandonment and finally get the customers to convert.
Now that you know these shopping cart abandonment statistics, you can create a more effective marketing strategy and drive your sales up.
Sources: SaleCycle, Dynamic Yield, Swoop, Eye Studios, Formisimo, Annex Cloud, Creditdonkey, Barilliance, Smart Insights, Baymard, Econsultancy, Spot Studios, Active Campaign